Wells Fargo & Company (NYSE:WFC) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC reduced its position in Wells Fargo & Company (NYSE:WFC) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 985,925 shares of the financial services provider’s stock after selling 38,850 shares during the quarter. Gabelli Funds LLC’s holdings in Wells Fargo & Company were worth $58,554,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC boosted its position in Wells Fargo & Company by 31.5% during the second quarter. Fidelis Capital Partners LLC now owns 24,174 shares of the financial services provider’s stock worth $1,436,000 after acquiring an additional 5,784 shares during the last quarter. Frank Rimerman Advisors LLC grew its position in shares of Wells Fargo & Company by 51,610.0% in the second quarter. Frank Rimerman Advisors LLC now owns 20,684 shares of the financial services provider’s stock valued at $1,228,000 after purchasing an additional 20,644 shares in the last quarter. ProShare Advisors LLC lifted its position in Wells Fargo & Company by 1.1% during the second quarter. ProShare Advisors LLC now owns 723,733 shares of the financial services provider’s stock worth $42,983,000 after buying an additional 7,748 shares in the last quarter. Hancock Whitney Corp grew its holdings in Wells Fargo & Company by 776.7% in the 2nd quarter. Hancock Whitney Corp now owns 91,264 shares of the financial services provider’s stock valued at $5,420,000 after buying an additional 80,854 shares in the last quarter. Finally, Symmetry Investments LP acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $5,800,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $56.29 on Friday. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The stock has a market capitalization of $196.24 billion, a PE ratio of 11.56, a PEG ratio of 1.27 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50-day simple moving average of $56.19 and a 200-day simple moving average of $57.89.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. During the same quarter in the previous year, the business posted $1.25 EPS. The firm’s revenue was up .8% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Wall Street Analyst Weigh In

WFC has been the topic of several recent research reports. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Evercore ISI cut their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 6th. Twelve analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $60.29.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.